Gst Council : Today Will Be The Decision On Casinos And Online Games, States Said Give Gst Compensation For Five More Years To Compensate For The Loss Give GST compensation for five more years

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In the ongoing meeting of the GST Council, the opposition-ruled states are adamant on changing the revenue sharing rule in GST or increasing the compensation for five years. GST was introduced on July 1, 2017. Under this, there was a provision to give compensation for 5 years in lieu of losses to the states. This provision expires this month. States have adopted a strict approach towards compensation. Apart from this, the rate of GST in cases like casino, online games and horse riding will be decided today.

Chhattisgarh Finance Minister Tribhuvan Dev Singh said that the existing rule of sharing the income from GST equally between the Center and the states should be changed. States should be given 70-80% of this. In a letter to Finance Minister Nirmala Sitharaman, he said, “We are proposing to continue with the 14 per cent protected revenue provision.” If this is not continued, the rule of 50-50% for CGST and SGST should be changed to SGST 80-70 and CGST 20-30%.

Tips on crypto too
A committee of officials has suggested withholding decisions on the taxability of cryptocurrencies and other virtual digital assets.

Dinner also discussed
Haryana Government organized a dinner for the members of GST Council at Pinjore Garden. Various demands were discussed in it.

GST is divided equally

  • At present, the revenue from GST is shared equally between the Center and the states. The states cited the recent Supreme Court ruling to say that the decisions taken by the council are not binding and the states need not stick to them.
  • The Court’s decision has been seen by some states as having the power to determine taxation. All the states made the same demand that the GST compensation should be extended by five years.

Decision on casino, online games today

  • The rate of GST in cases like casino, online games and horse riding will be decided today. There has been a demand to impose 28 percent GST on all these.
  • There has been a demand to bring hotel rooms with rent less than Rs 1,000 per day under 12 per cent GST. It is currently out of the purview of GST.

Expansion

In the ongoing meeting of the GST Council, the opposition-ruled states are adamant on changing the revenue sharing rule in GST or increasing the compensation for five years. GST was introduced on July 1, 2017. Under this, there was a provision to give compensation for 5 years in lieu of losses to the states. This provision expires this month. States have adopted a strict approach towards compensation. Apart from this, the rate of GST in cases like casino, online games and horse riding will be decided today.

Chhattisgarh Finance Minister Tribhuvan Dev Singh said that the existing rule of sharing the income from GST equally between the Center and the states should be changed. States should be given 70-80% of this. In a letter to Finance Minister Nirmala Sitharaman, he said, “We are proposing to continue with the 14 per cent protected revenue provision.” If this is not continued, the rule of 50-50% for CGST and SGST should be changed to SGST 80-70 and CGST 20-30%.

Tips on crypto too

A committee of officials has suggested withholding decisions on the taxability of cryptocurrencies and other virtual digital assets.

Dinner also discussed

Haryana Government organized a dinner for the members of GST Council at Pinjore Garden. Various demands were discussed in it.

GST is divided equally

  • At present, the revenue from GST is shared equally between the Center and the states. The states cited the recent Supreme Court ruling to say that the decisions taken by the council are not binding and the states need not stick to them.
  • The Court’s decision has been seen by some states as having the power to determine taxation. All the states made the same demand that the GST compensation should be extended by five years.

Decision on casino, online games today

  • The rate of GST in cases like casino, online games and horse riding will be decided today. There has been a demand to impose 28 percent GST on all these.
  • There has been a demand to bring hotel rooms with rent less than Rs 1,000 per day under 12 per cent GST. It is currently out of the purview of GST.

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